Adani row rocks Parliament: Opposition demands JPC or SC-monitored probe, stalls proceedings
New Delhi, Feb 2: Parliament was adjourned for the day on Thursday after the Opposition stalled proceedings in both houses, demanding a JPC or a Supreme Court-monitored probe into the allegations of fraud and manipulation against billionaire Gautam Adani's companies that have triggered an unprecedented stock crash.
A united opposition, led by the Congress, raised the issue as soon as the houses commenced for the day with their MPs giving adjournment notices for a discussion on the issue.
The chair in both the upper and lower house rejected the notices, prompting opposition leaders to question the presiding officers on procedures and asking what could be more serious than demanding a discussion involving hard-earned money of Indians in LIC and SBI invested in the Adani group stocks.
Lok Sabha Speaker Om Birla denied the request for discussion, asking members to "not to make unsubstantiated claims" while Rajya Sabha chairperson, Vice President Jagdeep Dhankhar, rejected notices, saying they were "not in order".
Adani Group stocks have taken a beating on the bourses after the US short-seller Hindenburg Research made a litany of allegations last week in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group, which has denied the charges.
The market losses of the Adani Group have risen to nearly USD 103 billion (about Rs 8.5 lakh crore).
Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge led the charge in the upper house, with nine MPs of various parties giving notices under rule 267 seeking suspension of the day's business to discuss the Adani-Hindenburg issue.
In the Lok Sabha too, the opposition MPs stormed the well forcing adjournment within minutes of the house meeting and then again soon after lunch.
Leaders of several parties including the Congress, DMK, TMC, SP, JD(U), Shiv Sena, CPI(M), CPI, NCP, IUML, NC, AAP and the Kerala Congress, earlier held a meeting in the morning in Kharge's chamber in the Parliament, where they strategised their plan.
Kharge told reporters that the opposition parties have also called for day-to-day reporting of the JPC or the SC-monitored probe into the issue as it concerned public money invested in Adani stocks which have taken a beating on the markets ever since the Hindenburg charges came out.
"Keeping public interest in mind, we want a thorough probe into the Adani issue either by the JPC or the Supreme Court-monitored probe. There should also be day-to-day reporting of the investigation on the issue," Kharge said.
The Adani group has denied all charges and called the report malicious and full of lies and termed it a "calculated attack" on India, its institutions and its growth story.
It said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains. Hindenburg has rejected Adani's charge and has stood by the allegations made in the research report.
Tweeting on the issue, Congress General Secretary in-charge Communications Jairam Ramesh said,"the Adani issue does certainly warrant an investigation by SEBI & RBI. Whether that will be truly independent is a separate matter given the special relationship Mr. A shares with the ruling regime - which could be dubbed as a Narendradani one."
He also said,"Modi Sarkar is clearly cornered on the Adani issue. It does not want it even mentioned in Parliament. Hence both Houses adjourned for the day a few minutes after 2 pm without even giving Opposition a chance to demand a JPC into this MahaMegaScam."
The Opposition protest came a day after Adani Enterprises recalled its full-subscribed Rs 20,000-crore Follow-on Public Offer (FPO) and said it will return the proceeds to investors.
Opposition parties also targeted the government over the issue and asked why it was silent on the allegations and why no investigation has been ordered so far.
West Bengal chief minister Mamata Banerjee alleged that the BJP was using people's money deposited with the Life Insurance Corporation (LIC) and nationalised banks to benefit some of its party leaders.
"The share market witnessed a massive crash after the Union budget was presented Telephone calls were made to some people asking them to pump in several thousand crores of rupees," Banerjee said at a function in Purba Bardhaman district.
Samajwadi Party's Ram Gopal Yadav claimed people are panicking as their money has been invested in public sector banks and institutions which have lended to Adani.
"People thronging public sector banks are being asked to go back... people thought their money is safe in public sector banks and institutions," he said.
Keshav Rao of the Bharat Rashtra Samithi (BRS) said nine parties had given adjournment notices in Rajya Sabha, but the chairman said the notices were not in order.
There is no proforma as far adjournment notices are concerned, he noted.
"In the absence of a proforma, you cannot teach us. What is a bigger or more serious issue than this? This is a matter of socialisation of losses," he said.
TMC's Shantanu Sen said the opposition's demand for a discussion on the matter under Rule 267 is rational and should be allowed.
Rule 267 of the Rajya Sabha rulebook allows for the suspension of a day's business to debate the issue suggested by a Member.
CPM leader Elamaram Kareem alleged that industrialist Gautam Adani and his company have looted the country.
"LIC and SBI money is on the line under government patronage. This is a major scandal and a burning issue for the common people and warrants an investigation," he said.
AAP MP Sanjay Singh asked, "Why is the government silent on this mega scandal? Adani is the kingpin on whose money the BJP works."
Shiv Sena's (Thackeray) Priyanka Chaturvedi and DMK leader Kanimozhi were also present at the opposition meeting and asked why the government was not ready for a thorough investigation.
Kharge has alleged that whenever opposition leaders give notices, they are not accepted by the chair, asserting that this is the reason all opposition parties jointly decided to raise the issue on Thursday.
"That is why, we decided to raise the (Adani) issue in one voice in the House as crores of money of common people is invested in Life Insurance Corporation (LIC), and public money in banks is being given to such companies against whom foreign agencies have come out with charges of irregularities," he said
Congress' Pawan Khera said,"we are not against any particular Indian corporate house, we are against crony capitalism. When the rules are changed to benefit selected billionaires, we are against it."
He alleged that "Hum Do Hamare Do" of "Mitra Kaal" are brazenly selling the "Family Silver" of the nation.
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Putin meets Iran's FM Araghchi, says Russia ready to do its best to help bring peace to West Asia
Moscow (PTI): Iran's Foreign Minister Abbas Araghchi on Monday met Russian President Vladimir Putin, who hailed the Iranian people for fighting bravely and heroically for their sovereignty and said Moscow is ready to do its best to help bring peace to West Asia as soon as possible.
Araghchi, who held talks with Omani and Pakistani leadership before arriving in Russia, met Putin in St. Petersburg and thanked him for supporting Iran, state-owned TASS news agency reported.
"Russia is ready to do everything in its power to ensure that peace in the Middle East is achieved as soon as possible," Putin said during his meeting with Araghchi, which was also attended by Russian Foreign Minister Sergey Lavrov.
Revealing that he received a message from Iranian Supreme Leader Mojtaba Khamenei last week, Putin asked Araghchi to convey his "gratitude for this message and best wishes for his health and well-being."
He praised the Iranian people for fighting "bravely and heroically" for their sovereignty, Iran's state-run PRESS TV reported.
"We really hope that, based on the courage and desire for independence, the Iranian people, under the guidance of the new leader, will weather this difficult period of trials and peace will come,” Putin said.
He also stressed that Russia “intends to maintain” its strategic relations with Iran.
Araghchi said that the world witnessed Iran’s strength in countering the US during the recent war, and that the Islamic Republic is a "stable and powerful establishment."
"With their courage, the Iranian people succeeded in resisting the US aggression and will be able to endure it,” he said.
He said that it became clear that Iran has “great friends and allies” like Russia, and conveyed “warmest greetings” from Supreme Leader Mojtaba Khamenei and President Masoud Pezeshkian to the Russian leader.
Araghchi said relations between Moscow and Tehran represent a “strategic partnership at the highest level” and will continue to develop "regardless of circumstances."
"We are grateful to you for the solid and strong positions in support of the Islamic Republic of Iran," he said.
Foreign Minister Lavrov said that the talks between President Putin and the Iranian Foreign Minister were "useful and constructive."
Kremlin Spokesman Dmitry Peskov later said that Russia is "ready to provide any good offices, any mediation services that are acceptable to the parties."
"We will be ready to do everything so that ultimately peace ensues, guaranteed peace, and that there is no return to hostilities," Peskov was quoted as saying by TASS.
He was asked how Moscow can assist in future negotiations on the Iranian settlement.
Araghchi arrived in Russia after his whirlwind trip to Islamabad, which, according to him, was “very productive” and involved “good consultations" with Pakistan's Army Chief Field Marshal Asim Munir, amid uncertainty over the second round of peace talks to resolve the war in West Asia.
"We held good consultations with our friends in Pakistan. The trip was successful. We assessed the outcome of our recent (meetings) and discussed in what direction and under what conditions talks can move on,” Araghchi said in a video posted on his Telegram channel upon his arrival in St Petersburg.
Referring to the second round of talks between the US and Iran to resolve the conflict in West Asia, Araghchi said: "Developments have taken place in the negotiations."
"Despite some progress in earlier rounds, the talks failed to reach their objectives due to the Americans' approach, the excessive demands they made, and the wrong approaches they adopted. Therefore, it was necessary to consult with our friends in Pakistan to review the latest situation,” Iran's official news agency IRNA quoted him as saying.
He said that the trip to Pakistan was a good opportunity to review developments related to the US-Israeli war against Iran, expressing confidence that “these consultations and coordination between the two countries will be highly significant.”
Araghchi arrived at St. Petersburg's Pulkovo Airport early Monday, where he was welcomed by Russian officials and Iran’s ambassador to Russia, Kazem Jalali, the report said.
The first round of peace talks between Iran and the US, held on April 11 and 12, failed to bring the desired result for the parties to the conflict.
The Iranian minister arrived in Islamabad for the second time on Sunday after a short visit to Oman, where he held talks with Sultan Haitham bin Tariq al-Said on security in the Strait of Hormuz and diplomatic efforts to end the Iran-US conflict.
After Araghchi left Pakistan for Oman on Saturday, President Donald Trump announced that US negotiators Steve Witkoff and Jared Kushner would no longer be going to Islamabad for talks with Iran, contending that Washington held all the cards on the matter.
Trump on Sunday reiterated that the US and Iranian officials can talk by phone for a peace solution to the conflict.
On Tuesday, Trump extended the two-week ceasefire with Iran indefinitely to give Tehran more time to prepare a unified proposal to end the war, just hours before the truce was set to expire.
The war began when the US and Israel jointly attacked Iran on February 28, killing Iranian Supreme Leader Ayatollah Ali Khamenei and several top commanders. The retaliation by the Islamic Republic extended the war to the entire Gulf region.
